Picking the right smartphone can be an agonizing decision. You look through reviews comparing one model to the next before deciding on the perfect one. Once you have it you spend your time customizing the display, loading pictures, setting your ringtone and downloading apps. You’ve created the perfect accessory and the perfect assistant; your life is officially complete.

But unfortunately, the smartphone fell into the pool!

The next night at a party you take one wrong step and splash, there goes your perfect BlackBerry Bold into the deep end of the pool. You think back to when you bought the smartphone and the salesperson asked if you wanted to purchase the additional insurance.

Should you have taken it? Would this aquatic mishap even be covered?

You may have assumed insurance was just a ploy to get you to pay more. According to a study performed by InMobi, the average person spends 144 minutes a day using their smartphone in one way or another. Isn’t it worth the extra few dollars to protect something you devote 10 percent of your life to?

BlackBerry offers a variety of anti-theft software such as Lookout and BlackBerry Protect, but if the problem is damage and not loss, insurance may not be a bad idea.

Also read: 25 Best Free Android Apps for Android SmartPhone Users

Image via Flickr, by MattHurst

Most wireless operators offer policies that will cover loss, accidental damage (including that unfortunate plunge into the deep end), theft and mechanical defects not covered by the factory warranty. Policies will typically have a monthly fee, (AT&T charges $6.99 a month and Verizon charges $9.99) and a deductable which usually runs around $199, but varies depending on your device.

Think again, what of third party smartphone insurance companies?

You can also purchase a policy from a third party like Protect Your Bubble. Their monthly fee is right in line with the wireless operators but they offer a much lower deductable which can be an attractive incentive. Protect Your Bubble also covers a variety of phones (unlike many wireless operators that typically only insure their own devices) and you get a discount if you insure multiple devices.

Retailers now offer extended warrantees

As an alternative to insurance, retailers like Best Buy offer extended warrantees. Extended warrantees tend to be cheaper, involving a one-time fee at purchase, but the coverage is limited. They may prolong coverage of mechanical defects and some accidental damage but they won’t help you if your smartphone is lost or stolen.

Image via Flickr, by cogdogblog

Fact to backup some smartphone insurance claims

Los Angeles Times reported that 63 percent of smartphone users would be willing to dumpster dive to retrieve a lost phone, 25 percent would be willing to fight a thief and 12 percent would be willing to run into traffic.

So how important is “phone insurance“?

Deciding whether or not to purchase insurance is a personal choice that requires a little bit of fortune telling. If your smartphone takes a long walk off a short pier two weeks after you purchase it, you’ll be glad you had the coverage. However, if you enjoy two happy, incident-free years you may feel like you’ve wasted money each month for no reason. You have to decide which is worse; to have it and not need it or to need it and not have it.

Let’s talk reality, can you insure your smartphone? Have you ever insured one of your smart gadgets before and what was the experience like? Please share your views in the comment section below.

Olawale Daniel is a Business Psychologist, Motivational Speaker, Author, Trainer and Coach. He's presently working as a Health and Wellness Consultant at BURN SLIM TRIM Inc., a firm that help people regain their perfect lifestyle through state-of-the-art recent discoveries wayback from nature. He's also the brain behind FOBCourse, a business university for startup entrepreneurs in Africa.
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24 comments

I think phone insurance is more than ever necessary when it comes to your smartphone’s security. Spending so much on my smartphone I would not mind dishing out another few bucks on its security. It gave me a sense of relief, I am definitely going to get my smartphone insured. Thanks for sharing the post.

Service masini de spalat

Oh dear, so they’re not waterproof? I travel into work every day and see some pretty epic drops and fumbles from time to time, but clearly waterproof isn’t one of the big things. Well I’m not sure about getting my mobile insured, though. There was a news story a while ago covering how people are taking at “Drunk Phones” on their night out – as in taking a cheap phone with them instead of their precious smartphone. A good idea, I thought.

limo

March 5, 2013 at 9:49 am

The prices of Smartphones are coming down – but the big boys till have massive price tags for the latest models – because of this my iphone – has never been near water! I don’t expect electrical items to be water proof…

gaurav rana

Last Year I bought Samsung Galaxy Note without any Insurance. It will not be good to go for insurance of an Old Smartphone. It is totally hard to say it worth having insurance for smartphone or not, because no one knows fortune.

IPSOL

Mylife.com

March 11, 2013 at 10:00 am

Thanks for great article about water proof smartphone. My smartphone dropped many times but luckily never in Water. But i think there should waterproof technology for all smartphones to keep safe our important data in our smartphones even in water.

Alisha Salih

Olawale Daniel

March 20, 2013 at 6:01 am

The new and upcoming Samsung Galaxy S4 isn’t waterproof as the information we have here but no one knows, they (Samsung) may decide to go back into the lab to include this. But I must be sincere, it is not possible in S4, maybe S5 coming afterwards.

Olawale Daniel

Ricky

March 22, 2013 at 7:04 am

The water proof feature that Sony Xperia Z has brought about is quite unique and exciting one. Hope many more smart phones include this feature because data loss sometimes can be fatal. I am disappointed that Samsung galaxy S4 has not detailed anything about their phone being water proof.